Tuesday, November 15, 2011

CDTC provides calculator to see the impact of proposed Homestead Tax Credit

The proposed Homestead Tax Credit, for homeowners who claim Charlestown as their primary residence, was introduced on November 14 and is explained in the article below.

We now provide a calculator so homeowners can see the impact on their taxes from the proposed tax credit.
First look up your property valuation on your tax bill or on Vision Appraisal.

Then open our Tax Calculator. It will look something like this:

Click on the light blue location and type your property valuation there. Don't type the dollar sign or comma.

Then click the word Display the bottom of the page. You can see it at the bottom of the image to the left with the little padlock symbol in front of it.

Then you will see a page like the following, with your tax values:

In this example you can see that residents with a home valued $184,400 would see a reduction of $797 in their tax bill while a non-resident with the same value of home would see an increase of $203.

Of course, the 2012 tax rate will not likely be the same as our 2011 tax rate. But our calculator starts with the best information we have today, the 2011 tax rate.